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| How to Quickly Pay off Student Loans as a Graduate |
| Written by Griff Hanning |
| Friday, 02 July 2010 00:11 |
|
I don't know a whole lot of students who want to hang on to that debt for very long. Most of them want to get rid of it as fast as possible so that they can move on with their lives. Here are a few tips on how to quickly pay off your student loans: 1. Keep living like a student. Despite what the rest of the world tells you, you don't have to get out of college and immediately start living like your parents. In fact, my suggestion is to live WITH your parents after you graduate. This is what I did. I worked like crazy for a year after I graduated, lived at home with the parents to save on expenses and paid off all of my student loans. This also helped me save up enough money to start my own business and move to Colorado Springs when I got married a year after graduation. For those of you with parents who are totally against letting you move back in, find a house or apartment to share with several other friends. Hey, if you were able to survive the dorm room that was the size of a sardine can, you can survive living the same way with other friends for a year or two. For those of you who are married or are planning to get married right out of college consider house-sitting for some rich friends of your parents. There are plenty of people who go out of town for long periods of time and would love to have someone take care of their house and pets while they are gone. This means free rent for you, and free care takers for them. You may need to cover the utilities, but this is still very minimal compared to renting your own apartment. 2. Don't settle with your job. Most graduates end up taking the first job that is offered to them because they fear that there may not be another one. This is stupid. Do your research before you take a job. Find out how much most of the people in your field with your position and degree are making. Google "salary calculators" or "average salaries" to find this kind of information. You may even want to ask other people you may know. Then, when applying to jobs, apply to several in order to create more options and a little bit of competition for yourself. The more job offers you have, the more leverage you will have when it comes to talking about salary. After choosing the company you want to work for, go into the interview with confidence. Employers like confidence. Explain to them how you will add value to the company. Research the company before hand so that you have a good understanding about its mission and goals. If the recruiter asks about what kind of salary you would like to make, don't tell them. Make them give you a range first. This way you can get the highest number possible. Understand that recruiters want to keep their numbers low in order to save the company money. But if they really want you, they will meet you in the middle. Don't settle for the first number that comes your way. Shop around and then negotiate. You can do it, it's really not that hard. 3. Work extra hours or freelance. In order to accelerate your debt payoff and ultimately wipe it clean you may need to earn a few extra bucks in addition to your job. Now is the time to work until the sun goes down, because when you have a family later on in life, this will not be as feasible. Consider asking your employer if there is any extra work you can take home with you or stay later doing. You may also want to consider doing your own freelancing. Consider what skills you may have and run with it. It may be something as simply as dog sitting or house cleaning. It doesn't have to be complicated, just another five to ten hours a week could mean $200 to $600 extra a month. This would take a huge bite out of your debt! What other ideas do you have for getting rid of student loans? |




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